DBS acquires Kwong On Bank

DBS acquires Kwong On Bank

SINGAPORE (AFP): Southeast Asia's largest bank, the Development Bank of Singapore Ltd. (DBS Bank), said Thursday it had completed the acquisition of Hong Kong-based Kwong On Bank.

Following the acquisition, Kwong On Bank is to be delisted from the Stock Exchange of Hong Kong Friday, DBS Bank said in a statement.

Kwong On Bank is now wholly-owned by DBS Group Holdings Hong Kong Ltd.

DBS Group Holdings Hong Kong is 87.27 percent owned by DBS Bank, while the remaining 12.73 percent is held by previous Kwong On shareholders including the Leung family, which formerly controlled Kwong On Bank.

DBS Bank continued to operate its Hong Kong branch independently but it is likely to merge into Kwong On Bank "at an appropriate time," it added.

The acquisition of Kwong On Bank is part of DBS Bank's regional expansion strategy, which has included forays into banks in Singapore, Thailand, Indonesia and the Philippines over the past two years.